Cryptocurrency prices have been plunging amid the chaos with the FTX cryptocurrency exchange. The price of Bitcoin is trading at $16,818 at the time of writing, with its weekly losses standing at 19%.
Cryptocurrency prices crash after the FTX saga
The global cryptocurrency market cap is below $900 billion. The bleed in crypto markets continued over the weekend as the market reacted to the news of the bankruptcy of FTX and the resignation of its former CEO, Sam Bankman-Fried.
Shortly after this bankruptcy filing, FTX admitted that a hack had happened on the exchange, with the new CEO, John J. Ray, saying it had contacted law enforcement. The FTX general counsel also added that the remaining assets on FTX had been sent to cold storage.
1/ Statement from John Ray, Chief Restructuring Officer and CEO of @FTX_Official — Consistent with their obligations as Chapter 11 Debtors-in-Possession, FTX US and FTX [dot] com continue to make every effort to secure all assets, wherever located.
— Ryne Miller (@_Ryne_Miller) November 12, 2022
The market is waiting to see how regulators react to this situation with FTX. The Securities Commission of Bahamas issued a statement over the weekend denying claims that it had authorized FTX to process withdrawals from local accounts. Reports also claim that the US Securities Exchange Commission and the US Department of Justice are investigating the matter.
The bearish pressure eased on Monday amid news that Binance will launch an industry recovery fund. The fund will support strong projects facing a liquidity crisis, with the Binance CEO, Changpeng “CZ” Zhao, urging projects that quality to reach out.
To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis. More details to come soon. In the meantime, please contact Binance Labs if you think you qualify. 1/2
— CZ Binance (@cz_binance) November 14, 2022
CZ has also urged other crypto firms with enough resources to co-invest in this fund. The Tron founder, Justin Sun, Huobi Global, and Poloniex, are among the firms supporting this initiative by Binance.
Three coins to buy for 10x gains
As the market crashes, investors seek altcoins with robust fundamentals that will withstand the ongoing bearish pressure. Some altcoins grabbing attention today are Dash 2 Trade, RobotEra, and Calvaria.
Dash 2 Trade
The D2T token presale started three weeks ago, and more than $6.1 million has been raised in funding. The presale is selling out fast, with the third stage nearing completion. The price will increase gradually at each of the nine stages.
D2T powers the Dash 2 Trade intelligence platform giving crypto traders real-time analytics and social trading tools to assist them in making winning trades. Given that it is a robust project, Dash 2 Trade has already secured listings on LBank and BitMart.
Another crypto presale with huge potential is for RobotEra (TARO). RobotEra is a Sandbox-like metaverse where players create their worlds. RobotEra allows players to buy land and develop it to participate in the creation of the multiverse.
The TARO presale started a few days ago, and more than $67,000 has been raised. The RobotEra project is set to attract metaverse gaming enthusiasts because it will release exciting content and upgrades regularly.
Calvaria is another new project attracting the attention of blockchain gaming enthusiasts. The project is raising interest from investors, which increases the chances of its native RIA token making notable gains in the short and long term.
The RIA presale has ten stages, and it is now in the fourth stage, which is more than 80% complete. The presale has already raised more than $1.74 million.
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Dash 2 Trade - New Gate.io Listing
- Also Listed on Bitmart, Changelly, LBank, Uniswap
- Collaborative Trading Platform Token
- Featured in Bitcoinist, Cointelegraph
- Solid Proof Audited, CoinSniper KYC Verified
- Trading Community of 70,000+ Members